Following a 3% hike in fuel prices at the pump on Saturday, June 19, by some Oil Marketing Companies (OMCs), the Chamber of Petroleum Consumers (COPEC) is predicting another increment in fuel prices in the coming days. On the other hand, The Institute of Energy Security (IES) has said fuel prices could hit GH¢7 per litre by the end of 2021.
Recent Hike in Fuel Price
The 3% increment on Saturday which drove fuel price at the pump from GH¢6.05 to GH¢6.23 per litter by some oil Marketing companies was attributed to rising commodities on the international market. In lieu of this development, 3 driver’s union namely: Ghana Committed Drivers Association, Concern Drivers Association and True Drivers Union have announced an upward adjustment to their fares in fulfilment to their statement issued on Sunday 16th May 2021.
“We have therefore resolved that any time fuel prices, spare parts, and other levies relating to road transport go up, we will also adjust our lorry fares to reflect the increment,” they stated on May 16.
Already, Ghanaians have been slapped with a 13% increase in transport fares. The introduction of another probable increment in transport fares may force Ghanaians to take to the streets as noted by Duncan Amoah, the Executive Secretary of the Chamber of Petroleum Consumers.
“Everything that happens on the global stage now impacts directly on the pump, and we think that this is not good enough. The system needs to be fixed and fixed immediately. We don’t know how long we will be able to contain these increases without pouring onto the streets, because it is becoming one too many. The excuses and explanations will continue coming in, but the bottom line is that we all have to go out there and pay more. As we speak, those buying from the increased OMP are paying as much as 81 pesewas per gallon aside from the prices they already complained were too high, this is what the new increases mean,” Duncan Amoah said in an interview monitored by Ghana Talks Business.
Given this development, IES prediction may not be far-fetched.
“We have projected that by the next six months, we will buy a litre of approximately or close to GH¢7 if things continue the way it is going,” Nana Amoasi VII, The Executive Director of the IES said.
Nana Amoasi explained the reasons for the projection.
“Per our projection, there was a clear indication this was going to happen. Largely, we are importers of petroleum products and the quantities we consume in a day is far in excess of what TOR produces,” he said
“Last year, we sought for more than 95% of our product and so anytime you see the price of crude oil going up, it has the corresponding impact on petrol, diesel and the like,” he further said.